Modi government has curbed imports of platinum jewelry
What's the story
The Indian government has imposed restrictions on the import of certain types of platinum jewelry. The new policy, which was announced by the Directorate General of Foreign Trade (DGFT), comes into effect immediately and will remain in place until April 30, 2026. Under this revised policy, importers are now required to obtain a license from DGFT for importing these goods.
Silver curbs
Previous restrictions on silver jewelry imports
The new restrictions on platinum jewelry imports come after similar measures were taken for certain types of silver jewelry. In September, the Indian government had imposed import restrictions on specific silver jewelry until March 31 next year. The move was aimed at curbing the import of silver under the guise of unstudded jewelry from Thailand, a country with which India has a free trade agreement through ASEAN (Association of Southeast Asian Nations).
Cost
A look at platinum prices today
As of today, platinum is trading at around $1,609.15 per ounce in the global market. Meanwhile, in India, the rate stands at ₹4,403 per gram. This rate is consistent across major Indian cities, including Delhi, Mumbai, Kolkata, Chennai, and Hyderabad.